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Wall Street Opens Higher as Jobless Claims Bolster Fed Hopes; Dow up 420 Pts

Stock MarketsSep 23, 2021 09:52AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets opened higher on Thursday, extending Wednesday's gains on growing hopes that China can avoid a messy deleveraging of its real estate sector, and that the Federal Reserve may yet put off tightening monetary policy beyond the end of the year.

By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was up 416 points, or 1.2%, at 34,675 points. The S&P 500 was up 1.0% and the Nasdaq Composite was up 0.7%.

Fed Chair Jerome Powell had hinted at Wednesday's press conference that the process of 'tapering' bond purchases would begin later this year, and be completed by the middle of 2022. However, this week's jobless claims data, which followed a much weaker-than-expected labor market report for August, have encouraged those who believe that the Fed will keep its foot to the floor for a little longer.

Earlier, the U.S. notched 351,000 initial jobless claims last week, more than expected and a second straight weekly increase, suggesting that the Delta-variant Covid-19 surge seen during the summer is finally feeding through into lay-offs. Some analysts noted however that seasonal factors and disruptions from two hurricanes may also have contributed to the uptick. 

Continuing claims also came in above expectations, while IHS Markit's Purchasing Manager Index for the U.S. economy fell by more than expected. While Markit's PMI isn't as closely followed in the U.S. as the Institute of Supply Management's it does point to a clear slowdown in September.

Novavax (NASDAQ:NVAX) stock was the standout performer in early trading, rising 9.5% after the biotech company said it had applied to the World Health Organization, along with its partner the Serum Institute of India, for an emergency use approval of its Covid-19 vaccine. According to the results of a phase-3 trial of the drug published earlier Thursday in the U.K., the vaccine was 89.7% effective in preventing serious illness and no participants who took the drug were admitted to hospital with any side-effects. 

Salesforce (NYSE:CRM) stock also performed strongly after the business software company raised its revenue forecast for the fiscal 2022 year, ending in January, and guided for revenue growth of over 20% in fiscal 2023. The stock rose 5.0%. Accenture (NYSE:ACN) stock also rose 1.3% after slightly stronger-than-expected earnings and guidance.

FedEx (NYSE:FDX) stock continued to underperform after its disappointing quarterly update on Tuesday, but the logistics firm appeared to find a short-term bottom, eking out a 0.2% gain. 

Elsewhere, Roku (NASDAQ:ROKU) stock rose 2.8% after an upgrade to buy from Guggenheim, citing the advances it is making in the international market. 

Aterian (NASDAQ:ATER) stock was a rare decliner, falling 25% after announcing it would issue $66 million in new stock to pay down most of a loan to its biggest creditor, High Trail.

Wall Street Opens Higher as Jobless Claims Bolster Fed Hopes; Dow up 420 Pts
 

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Comments (8)
Jon Bal
Jon Bal Sep 23, 2021 11:12AM ET
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meanwhile, crackhouses built in the '70s are going for $300k in my city.  no showings are allowed until police remove the crime scene tape but you'll love the upgraded kitchen sink backsplash
George Orwell
George Orwell Sep 23, 2021 11:12AM ET
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You can buy a run down 1950s shack in california. For 800 k.
Dustin Sharpless
Bydesigne Sep 23, 2021 11:12AM ET
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There's always someone in the chain you can blame. Even if its 1 out of five.Find one at a city, county, state, or federal level. If you cant, then branch out to the legislative or judicial branches of the aforementioned to find someone to blame.You could notice that the duopoly of politicking is the disease.
DONGHUN LEE
DONGHUN LEE Sep 23, 2021 10:43AM ET
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Initial jobless claim went up because of the person who left the company because they didn't want to be vaccinated. It's temporary.
perplexed76 .
perplexed76 . Sep 23, 2021 10:43AM ET
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it's ok, after temporary they will sing quick rebound song
Edoardo Schieppati
Edoardo Schieppati Sep 23, 2021 10:43AM ET
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Cbritts fx
Cbritts fx Sep 23, 2021 10:31AM ET
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unexpected indeed closing weekly HH wow
Mitchel Pioneer
Mitchel Pioneer Sep 23, 2021 10:19AM ET
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Fraud goes pedal to the metal in the biggest investment JOKE in history.
Alberto Bassetto
Alberto Bassetto Sep 23, 2021 10:12AM ET
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These mkt commentaries are unreadable. Why don't u scribacchine write each day one episode of Pinocchio or some other good stuff and stop insulting even the most basic level of human intelligence not to mention decency. Really, I can't find a bad enough word to address these authors
Dustin Moore
Dustin Moore Sep 23, 2021 10:11AM ET
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haha ********list renewed time for a review. win for me, loose loose for you. lol
William Bailey
William Bailey Sep 23, 2021 10:05AM ET
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Hope for free money to wallstreet is again renewed wirh bad news
perplexed76 .
perplexed76 . Sep 23, 2021 9:57AM ET
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KEKW
 
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